The annual growth rate of the Cyprus Composite Leading Economic Index (CLI) remained stable in June, according to a statement by the Economics Research Center (ERC) of the University of Cyprus.

"The Cyprus Composite Leading Economic Index (CLI), which is constructed and estimated by the ERC of the University of Cyprus, remained stable in June 2024, following annual declines of 0.1% and 0.4% recorded in May and April 2024, respectively (according to recent and revised data)," it noted.

It added that half of the variables positively influenced the CLI during this period, while the rest restrained further growth of the Index.

Specifically, the annual growth of tourist arrivals in Cyprus, credit card transactions, retail sales volume, and the Economic Sentiment Indicator (ESI) in the euro area had a positive impact on the CLI.

In contrast, the negative annual growth rate of the ESI in Cyprus, combined with the annual growth of the international Brent Crude oil price and the decline in the annual growth rate of property sales documents and the temperature-adjusted volume of electricity production, had a negative impact on the CLI in June.

In summary, the annual growth rate of the CLI remained stable in June 2024, as a result of the opposing trends followed by the economic indicators that make up the CLI, the statement concluded.